What is a Health Insurance Lifetime Maximum?
Health insurance is a necessity in protecting your health. It is costly from the get go, may limit the type of coverage you seek, and in some cases, lifetime maximums are reached, making things even more complicated.
A health insurance lifetime maximum is the amount a policy will pay out for your medical expenses over your lifetime. If you seek medical attention and need to receive costly treatment to save your life, even if you keep on living, your policy will cease to cover your payments once the maximum amount is reached.
Although $1,000,000 may seem like a huge sum of money, in the world of medical expenses, it might not be very much at all. Overnight stays in the hospital can run upwards of $25,000, aspirin is dispensed at $12 a pill, and the surgery and additional expenses accrued in trying to save your life can make your health insurance lifetime maximum cap out quickly.
When it comes time to choose your health insurance policy, make sure to look for the plan’s lifetime maximum. Although you may save on a lower monthly premium, a time may come when you will need far more in medical coverage than can be provided by cheaper plans.
If you have the funds available, you should decide on a level of coverage you are comfortable with and pay the appropriate premium. That way, you’ll be covered financially when things go wrong.